Arsenal have confirmed Ivan Gazidis is leaving the club for AC Milan.

The Arsenal chief executive will leave his role on October 31 to take over the same role at the Italian giants from December 1, where he has been handed a significant increase on his £2.6million a year salary and an equity stake in Milan that could prove to be worth millions more.

Josh Kroenke, son of majority owner Stan, said: “It has been a pleasure working with Ivan. We will miss the wisdom, insight and energy he brought to our club on a daily basis over the past decade.

“We are confident we have outstanding people in Raul and Vinai, and we look forward to working with them and coach Unai Emery to continue to move the club forward on and off the pitch."

Gazidis described choosing to move to Milan as “the hardest decision of my life", adding: “I believe that, after 10 years, it is the right time for me to step aside to allow new leadership, energy and ideas to take the club forward into this exciting new era.

“I believe in the positive force of change, both for me and for the club. I am excited to see what the future holds for this great club and I am energised by a new personal challenge with AC Milan."